Brent crude rises to $32

Brent Crude has increased from $27.34 to $32 per barrel, as 15:40pm Nigerian time on Thursday April 2, 2020. The crude rose by 18.5% as at the time of coverage.

Nairametrics had reported earlier on Thursday that the product rose by 10% to $27.34 per barrel (as at 13.15 Nigerian time on Thursday.)

West Texas Intermediate crude gained 9.6%, to $22.80 per barrel, after slipping 0.8% to settle at $20.31 yesterday. Brent crude surged 10% to $27.34 a barrel, as at 13.15 Nigerian time on Thursday.

West Texas Intermediate crude lost 66.5% in the first quarter of 2020, the biggest quarterly percentage loss based on records dating back to 1983. Brent crude also plunged 65.6% in the same quarter, the largest quarterly fall based on records dating to 1988.

In addition, China is moving ahead with plans to purchase more crude oil for its emergency reserves after an epic price fall.

The world’s biggest crude oil importer is taking advantage of a 60% plunge in crude oil prices this year to buy up cheaper oil barrels for its reserves.

Consequently, Thursday showed optimism on at least one front of the dual issues facing the energy industry.

“I have confidence in both that they’ll be able to work it out,” Trump said yesterday at a White House press briefing.